The factory employs more than 9,000 people, with another 1,000 jobs to be added through that same year.
CNBC reported the automaker is looking to increase annual production rate in SC to as many 450,000 vehicles. The Spartanburg plant also is getting ready for production of the all-new X7, which will debut late next year.
Krueger says the expansion will boost the company's workforce there to more than 10,000 people.
Buffett's company buys 10 pct of real estate investment firm
However, after the news of the Berkshire Hathaway investment, shares have risen 10 percent in early Monday trading. Berkshire Hathaway Inc is a holding company owning subsidiaries engaged in various business activities.
The model has been a bright spot for BMW in the USA this year, with sales jumping 30 percent through May amidst a largely flat luxury market.
The German automaker is unveiling the revamped X3 sport utility vehicle at its plant in Spartanburg, South Carolina, to celebrate the 25-year anniversary of its US factory.
"Today's celebration is the culmination of the hard work of so many, and the fact that one of our most valued corporate citizens is continuing to invest in South Carolinians is a testament to the excellence and innovation this partnership has fostered for decades, and will continue to for many more", he said.
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